History
The University of Delaware has taught generations of business leaders to create real-world impact. A longstanding focus on meeting industry needs combined with our namesake’s principles of responsible leadership has created the innovative curriculum of today’s Alfred Lerner College of Business and Economics. This philosophy shapes the school’s continued advancements in cutting-edge disciplines such as econometrics, financial technology and applied AI.
The Endowment Behind Our Name
The University of Delaware has offered business education since 1917. That mission expanded in 2002, when the MBNA Foundation and the company’s executive committee endowed the College of Business and Economics with a $20 million gift in memory of Alfred Lerner. In recognition of this endowment, the university renamed the business school Alfred Lerner College of Business and Economics and its main campus business building as Alfred Lerner Hall.
Alfred Lerner’s Legacy
Alfred Lerner was a business leader, philanthropist and Marine Corps veteran whose career spanned real estate, banking and professional sports. Born in 1933 in Brooklyn to Russian immigrants, Lerner graduated from Columbia College and served as a Marine Corps pilot before beginning his career selling furniture in New York, Baltimore and Cleveland. He later moved into real estate and banking, eventually becoming chairman and CEO of MBNA America N.A.
In 1998, he purchased the Cleveland Browns and became a key figure among NFL owners, serving as chairman of the league’s finance committee. A benefactor to medical research and education, Lerner was known for his positive leadership. He often said that “humility and competence are keys to being successful.” These values continue to shape the mission of the college that bears his name.
Timeline
1917
UD establishes first undergraduate major in business administration
1952
UD creates MBA program
1965
UD founds College of Business and Economics
1966
College receives AACSB accreditation for undergraduate programs, graduate programs (1928) and accounting programs (1984)
1971
Center for Economic Education and Entrepreneurship opens
1972
First study abroad program in business travels to Switzerland
1995
Economics program awards first business doctoral degree
1996
College creates Blue Hen Investment Club to manage $500,000 portfolio; Vita Nova, UD’s fine dining restaurant operated by hospitality students, opens
2002
Alfred Lerner College of Business & Economics becomes new college name; Lerner creates Hospitality Associates for Research and Training
2008
Lerner builds Trading Center; named Geltzeiler Trading Center in 2016
2010
Lerner establishes Center for Applied Business and Economic Research
2011
JPMorgan Chase Innovation Center opens
2012
Lerner founds Institute for Financial Services Analytics
2015
UD Marriott Center for Tourism & Hospitality debuts Advanced Learning Interactive Classroom Environment
2016
Lerner establishes first-of-its-kind trust management minor; Lerner launches Lerner Diversity Council
2017
Lerner celebrates 100 years
2018
Lerner forms Women’s Leadership Initiative; Lerner expands with SWUFE-UD Institute of Data Science
2025
Lerner establishes the Schwab Center, Stanford Fund; receives gift of $71.5M from alumni Robert L. Siegfried, Jr. and Kathleen Marie (Horgan) Siegfried to fund new Siegfried Hall